Credit Card Repayment Calculator

Find out when you’ll be debt-free, how much interest you’ll pay, and how much longer minimum repayments would take.

Card balance

Interest rate

The purchase rate on your statement

Monthly repayment

This month’s minimum: $152.62

More options

Your card’s minimum repayment

At least $10, unless the balance is less

Debt-free in

2 years 10 months

Paying $200 a month on $5,000 at 20.95%

Total interest: $1,627
Paying only the minimum: 21 years 5 months

Balance$5,000
Interest$1,627

What this means

Paying only the minimum would take 21 years 5 months. Everything you pay above the minimum goes straight off the balance, which is why paying more clears it so much faster.

Card interest is usually the most expensive debt you can have, so it’s worth clearing before saving beyond an emergency fund.

Next step

Your plan against the minimum

	Your plan	Minimum only
First repayment	$200.00	$152.62
Time to clear	2 years 10 months	21 years 5 months
Total interest	$1,627	$6,406
Total paid	$6,627	$11,406

Paying $200 a month saves $4,779 in interest against the minimum.

To be debt-free sooner

Clear it in	Pay a month	Interest
1 year	$465.45	$585
2 years	$256.81	$1,163
3 years	$188.25	$1,777
5 years	$135.13	$3,108

Balance transfer offers are usually 0% for about 6 months, or a low rate for longer, often with no fee.

Assumptions in this estimate

Interest is added monthly at one-twelfth of the yearly rate. Card providers usually work it out daily, so your statements may differ slightly.
Assumes you don’t spend anything new on the card, the rate stays the same, and there are no fees or late charges.
The minimum repayment is 3% of the balance, or $10 if that’s more, so it falls as the balance falls.
Minimum repayments are usually 2% to 3% of the balance, or $10 to $20 if that’s more.
Standard bank credit cards typically charge around 20% to 21% a year. Low-rate cards charge about 10% to 14%.

Spotted a mistake? Tell us

How the calculator works

Your plan: each month, interest is added and your repayment comes off, until the balance is cleared.
Paying only the minimum: worked out with your card’s minimum repayment formula, which you can change under More options.
To be debt-free sooner: the monthly repayment that would clear the balance in 1, 2, 3 or 5 years.

Paying more makes a big difference

$5,000 at 20.95% a year:

Monthly repayment	Time to clear	Total interest
Minimum only, 3%	21 years 5 months	$6,406
$200	2 years 10 months	$1,627
$400	1 year 3 months	$690

Standard bank credit cards typically charge around 20% to 21% a year.

Tips to clear it faster

Stop using the card while you pay it off.
Pay more than the minimum, even a little.
With more than one card, pay the minimum on each and put anything extra on the one with the highest rate.

Last updated October 14, 2026

Frequently asked questions

How long will it take to pay off $5,000 on a credit card?

At 20.95%, repaying $200 a month clears it in 2 years 10 months, with $1,627 of interest. Paying only a 3% minimum (at least $10) would take 21 years 5 months and cost $6,406 in interest.

How much should I repay to clear it in 3 years?

On $5,000 at 20.95%, $188.25 a month. To clear it in 2 years, $256.81 a month.

Why do minimum repayments take so long?

The minimum falls as your balance falls, and much of each repayment goes on interest.

Is a balance transfer worth it?

Balance transfer offers are usually 0% for about 6 months, or a low rate for longer, often with no fee. It usually pays off if you repay as much as you can during the offer and don’t add new spending.